Vault-13

GLOBAL X FDS PAVE

US INFR DEV ETF · ETP · CUSIP 37954Y673

609 institutional holders +23 vs Q1 2025
135,839,816135.8m shares reported held*
$5.9bnreported value*
72 new 181 added 219 reduced 55 sold out net sold ≈ $151.2m (-3.5m shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($3.7m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $43.60. Options: 2 managers hold calls ($2.4m notional), 0 hold puts (—).

Trends to Q2 2025

Institutional holders

Managers reporting a position, each quarter

0250500750Q3 22: 379Q4 22: 395Q1 23: 407Q2 23: 419Q3 23: 440Q4 23: 487Q1 24: 522Q2 24: 527Q3 24: 550Q4 24: 598Q1 25: 586Q2 25: 609609Q3 22Q2 23Q1 24Q4 24Q2 25
Numbers
QuarterHolders
Q3 2022379
Q4 2022395
Q1 2023407
Q2 2023419
Q3 2023440
Q4 2023487
Q1 2024522
Q2 2024527
Q3 2024550
Q4 2024598
Q1 2025586
Q2 2025609

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
4000400Q3 23: 230 bought or addedQ3 23: 164 cut or sold outQ4 23: 221 bought or addedQ4 23: 191 cut or sold outQ4 23Q1 24: 288 bought or addedQ1 24: 190 cut or sold outQ2 24: 259 bought or addedQ2 24: 205 cut or sold outQ2 24Q3 24: 282 bought or addedQ3 24: 215 cut or sold outQ4 24: 270 bought or addedQ4 24: 213 cut or sold outQ4 24Q1 25: 297 bought or addedQ1 25: 249 cut or sold outQ2 25: 253 bought or addedQ2 25: 274 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q3 2023230164
Q4 2023221191
Q1 2024288190
Q2 2024259205
Q3 2024282215
Q4 2024270213
Q1 2025297249
Q2 2025253274

Calls vs puts

Options held, notional value, last 4 quarters. P/C = puts ÷ calls

CallsPuts
$0$2m$4m$6mQ3 24 calls: $4.0mQ3 24 puts: $1.6mQ3 24P/C 0.40Q4 24 calls: $2.4mQ4 24 puts: $1.6mQ4 24P/C 0.68Q1 25 calls: $1.6mQ1 25 puts: $101.9kQ1 25P/C 0.07Q2 25 calls: $2.4mQ2 25 puts: $0Q2 25P/C 0.00
Numbers
QuarterCallsPutsP/C
Q3 2024$4.0m$1.6m0.40
Q4 2024$2.4m$1.6m0.68
Q1 2025$1.6m$101.9k0.07
Q2 2025$2.4m$00.00

Biggest buyers

JPMORGAN CHASE & CO Added +2,563,976+2.6m
WADDELL & ASSOCIATES, LLC New +1,826,748+1.8m
ROYAL BANK OF CANADA Added +1,483,288+1.5m
RiverFront Investment Group, LLC Added +555,867+555.9k
ENVESTNET ASSET MANAGEMENT INC Added +430,335+430.3k
Rockefeller Capital Management L.P. Added +309,526+309.5k
ALTFEST L J & CO INC New +240,367+240.4k
CW Advisors, LLC Added +227,349+227.3k
EXCHANGE TRADED CONCEPTS, LLC New +177,682+177.7k
LPL Financial LLC Added +143,041+143.0k

Biggest sellers

PRINCIPAL FINANCIAL GROUP INC Reduced -2,667,200-2.7m
Harel Insurance Investments & Financial Services Ltd. Reduced -2,290,000-2.3m
CITIGROUP INC Reduced -1,245,291-1.2m
MEITAV INVESTMENT HOUSE LTD Reduced -800,000-800.0k
Mivtachim The Workers Social Insurance Fund Ltd. (Under Special Management) Sold out -731,000-731.0k
Bensler, LLC Reduced -615,392-615.4k
BANK OF MONTREAL /CAN/ Reduced -380,896-380.9k
BANK OF AMERICA CORP /DE/ Reduced -356,692-356.7k
WCG Wealth Advisors LLC Reduced -237,559-237.6k
Chicago Wealth Management, Inc. Sold out -225,800-225.8k

Biggest calls

CITADEL ADVISORS LLC Added $1.3m30.6k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $1.0m23.7k shares

Biggest puts

None

Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.

Holders, Q2 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 BANK OF MONTREAL /CAN/ 0.50% of their portfolio TORONTO, A6 22,773,05022.8m $992.4m $992.4m 0.50% Reduced -380.9k -380,896
2 BANK OF AMERICA CORP /DE/ 0.08% of their portfolio CHARLOTTE, NC 22,634,06322.6m $986.4m $986.4m 0.08% Reduced -356.7k -356,692
3 MORGAN STANLEY 0.03% of their portfolio NEW YORK, NY 9,665,1909.7m $421.2m $421.2m 0.03% Added +121.4k +121,399
4 LPL Financial LLC 0.10% of their portfolio FORT MILL, SC 6,997,5127.0m $305.0m $305.0m 0.10% Added +143.0k +143,041
5 Harel Insurance Investments & Financial Services Ltd. 2.27% of their portfolio Ramat Gan, L3 4,544,6944.5m $198.4m $198.4m 2.27% Reduced -2.3m -2,290,000
6 JPMORGAN CHASE & CO 0.01% of their portfolio NEW YORK, NY 3,485,0633.5m $151.9m $151.9m 0.01% Added +2.6m +2,563,976
7 CIBC Private Wealth Group LLC 0.25% of their portfolio ATLANTA, GA 3,235,0173.2m $141.0m $141.0m 0.25% Reduced -59.0k -58,967
8 WELLS FARGO & COMPANY/MN 0.03% of their portfolio SAN FRANCISCO, CA 3,108,0393.1m $135.4m $135.4m 0.03% Reduced -207.7k -207,709
9 ROYAL BANK OF CANADA 0.01% of their portfolio TORONTO, A6 2,795,3182.8m $121.8m $121.8m 0.01% Added +1.5m +1,483,288
10 Clal Insurance Enterprises Holdings Ltd 1.07% of their portfolio Tel-aviv, L3 2,493,7502.5m $108.9m $108.9m 1.07% Unchanged
11 UBS Group AG 0.02% of their portfolio ZURICH, V8 2,149,0802.1m $93.7m $93.7m 0.02% Added +15.1k +15,147
12 ENVESTNET ASSET MANAGEMENT INC 0.03% of their portfolio Berwyn, PA 2,013,6592.0m $87.8m $87.8m 0.03% Added +430.3k +430,335
13 MEITAV INVESTMENT HOUSE LTD 1.10% of their portfolio BENE-BERAQ, L3 1,878,5691.9m $82.0m $82.0m 1.10% Reduced -800.0k -800,000
14 WADDELL & ASSOCIATES, LLC 8.50% of their portfolio MEMPHIS, TN 1,826,7481.8m $79.6m $79.6m 8.50% New
15 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.05% of their portfolio MILWAUKEE, WI 1,693,5691.7m $73.8m $73.8m 0.05% Reduced -129.6k -129,594
16 RAYMOND JAMES FINANCIAL INC 0.02% of their portfolio ST. PETERSBURG, FL 1,559,1301.6m $67.9m $67.9m 0.02% Added +22.5k +22,547
17 CW Advisors, LLC 0.59% of their portfolio BOSTON, MA 1,401,1301.4m $61.1m $61.1m 0.59% Added +227.3k +227,349
18 RiverFront Investment Group, LLC 1.17% of their portfolio RICHMOND, VA 1,380,4571.4m $60.2m $60.2m 1.17% Added +555.9k +555,867
19 COMMONWEALTH EQUITY SERVICES, LLC 0.07% of their portfolio WALTHAM, MA 1,206,6201.2m $52.6m $52.6m 0.07% Reduced -139.4k -139,400
20 First Interstate Bank 3.06% of their portfolio Billings, MT 1,194,6071.2m $52.1m $52.1m 3.06% Reduced -23.2k -23,152
21 PRINCIPAL FINANCIAL GROUP INC 0.02% of their portfolio DES MOINES, IA 1,073,4001.1m $46.8m $46.8m 0.02% Reduced -2.7m -2,667,200
22 Moss Adams Wealth Advisors LLC 4.13% of their portfolio SEATTLE, WA 1,041,1971.0m $45.5m $45.5m 4.13% Added +15.3k +15,268
23 AMERIPRISE FINANCIAL INC 0.01% of their portfolio MINNEAPOLIS, MN 913,434913.4k $39.8m $39.8m 0.01% Reduced -17.4k -17,357
24 Mariner, LLC 0.06% of their portfolio Overland Park, KS 895,476895.5k $39.0m $39.0m 0.06% Reduced -10.1k -10,066
25 OSAIC HOLDINGS, INC. 0.07% of their portfolio SCOTTSDALE, AZ 858,407858.4k $37.4m $37.4m 0.07% Added +65.1k +65,088
26 AXXCESS WEALTH MANAGEMENT, LLC 0.89% of their portfolio CARLSBAD, CA 848,269848.3k $37.0m $37.0m 0.89% Added +38.5k +38,474
27 Capital Asset Advisory Services LLC 1.60% of their portfolio Williamston, MI 777,148777.1k $34.2m $34.2m 1.60% Added +55.2k +55,152
28 Cetera Investment Advisers 0.06% of their portfolio SCHAUMBURG, IL 752,352752.4k $32.8m $32.8m 0.06% Added +4.7k +4,686
29 EP Wealth Advisors, LLC 0.21% of their portfolio TORRANCE, CA 745,542745.5k $32.5m $32.5m 0.21% Reduced -9.7k -9,699
30 HighTower Advisors, LLC 0.04% of their portfolio CHICAGO, IL 741,270741.3k $32.3m $32.3m 0.04% Reduced -27.1k -27,060
31 Kranot Hishtalmut Le Morim Ve Gananot Havera Menahelet LTD 2.05% of their portfolio Tel Aviv, L3 647,770647.8k $28.3m $28.3m 2.05% Unchanged
32 Destination Wealth Management 0.82% of their portfolio Walnut Creek, CA 642,238642.2k $28.0m $28.0m 0.82% Added +573 +573
33 Kestra Advisory Services, LLC 0.13% of their portfolio AUSTIN, TX 605,851605.9k $26.4m $26.4m 0.13% Added +65.9k +65,930
34 Evolution Wealth Advisors, LLC 3.81% of their portfolio AVENTURA, FL 597,348597.3k $26.0m $26.0m 3.81% Reduced -163.2k -163,198
35 Rockefeller Capital Management L.P. 0.03% of their portfolio NEW YORK, NY 588,252588.3k $25.6m $25.6m 0.03% Added +309.5k +309,526
36 Stratos Wealth Partners, LTD. 0.33% of their portfolio BEACHWOOD, OH 556,136556.1k $24.2m $24.2m 0.33% Added +115.8k +115,830
37 Focus Partners Wealth 0.05% of their portfolio ST LOUIS, MO 553,491553.5k $24.1m $24.1m 0.05% Reduced -147.1k -147,127
38 Cooper Financial Group 2.77% of their portfolio IRVINE, CA 540,568540.6k $23.6m $23.6m 2.77% Reduced -7.8k -7,808
39 Mirae Asset Global Investments Co., Ltd. 0.08% of their portfolio SEOUL, M5 540,000540.0k $23.5m $23.5m 0.08% Added +15.0k +15,000
40 MML INVESTORS SERVICES, LLC 0.07% of their portfolio SPRINGFIELD, MA 527,482527.5k $23.0m $23.0m 0.07% Added +54.4k +54,439
41 GREAT VALLEY ADVISOR GROUP, INC. 0.50% of their portfolio WILMINGTON, DE 514,568514.6k $22.4m $22.4m 0.50% Reduced -5.4k -5,368
42 EVERGREEN CAPITAL MANAGEMENT LLC 0.66% of their portfolio Bellevue, WA 505,086505.1k $22.1m $22.1m 0.66% Added +10.5k +10,505
43 Ameritas Advisory Services, LLC 0.93% of their portfolio Lincoln, NE 409,334409.3k $17.8m $17.8m 0.93% Reduced -46.1k -46,086
44 CWM, LLC 0.06% of their portfolio OMAHA, NE 381,741381.7k $16.6m $16.6m 0.06% Added +2.8k +2,839
45 HBW ADVISORY SERVICES LLC 1.97% of their portfolio SIMI VALLEY, CA 366,447366.4k $16.0m $16.0m 1.97% Reduced -30.9k -30,878
46 Eagle Strategies LLC 2.43% of their portfolio NEW YORK, NY 366,150366.1k $16.0m $16.0m 2.43% Added +12.8k +12,782
47 360 Financial, Inc. 4.89% of their portfolio WAYZATA, MN 355,168355.2k $15.5m $15.5m 4.89% Added +51 +51
48 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 344,205344.2k $15.0m $15.0m 0.00% Reduced -39.3k -39,333
49 Thrivent Financial for Lutherans 0.03% of their portfolio Minneapolis, MN 343,540343.5k $15.0m $15.0m 0.03% Reduced -42.7k -42,707
50 Riggs Asset Managment Co. Inc. 3.53% of their portfolio DALLAS, PA 329,230329.2k $14.3m $14.3m 3.53% Reduced -9.1k -9,147
51 STIFEL FINANCIAL CORP 0.01% of their portfolio ST. LOUIS, MO 326,634326.6k $14.2m $14.2m 0.01% Added +30.6k +30,621
52 Cambridge Investment Research Advisors, Inc. 0.04% of their portfolio FAIRFIELD, IA 314,650314.6k $13.7m $13.7m 0.04% Added +14.2k +14,212
53 MFA WEALTH ADVISORS, LLC 3.19% of their portfolio PITTSBURGH, PA 312,263312.3k $13.6m $13.6m 3.19% Reduced -9.7k -9,669
54 Vishria Bird Financial Group, LLC 4.39% of their portfolio MEMPHIS, TN 303,354303.4k $13.2m $13.2m 4.39% Reduced -2.9k -2,884
55 Janney Montgomery Scott LLC 0.03% of their portfolio PHILADELPHIA, PA 300,547300.5k $13.1m $13.1m 0.03% Added +43.8k +43,772
56 PRUDENTIAL PLC 0.08% of their portfolio LONDON, X0 285,900285.9k $12.5m $12.5m 0.08% Reduced -9.8k -9,840
57 Private Advisor Group, LLC 0.07% of their portfolio MORRISTOWN, NJ 282,950282.9k $12.3m $12.3m 0.07% Added +1.7k +1,672
58 CIBC WORLD MARKET INC. 0.03% of their portfolio TORONTO, A6 276,815276.8k $12.1m $12.1m 0.03% Reduced -14.1k -14,089
59 VAN ECK ASSOCIATES CORP 0.01% of their portfolio NEW YORK, NY 273,175273.2k $11.9m $11.9m 0.01% Added +74.7k +74,670
60 Gerber Kawasaki Wealth & Investment Management 0.45% of their portfolio SANTA MONICA, CA 267,513267.5k $11.7m $11.7m 0.45% Added +4.9k +4,881
61 CX Institutional 0.37% of their portfolio AUBURN, IN 243,789243.8k $10.6m $10.6m 0.37% Reduced -218.1k -218,104
62 ALTFEST L J & CO INC 1.24% of their portfolio NEW YORK, NY 240,367240.4k $10.5m $10.5m 1.24% New
63 Robertson Stephens Wealth Management, LLC 0.36% of their portfolio San Francisco, CA 237,541237.5k $10.4m $10.4m 0.36% Added +3.9k +3,927
64 Marshall Financial Group, LLC 2.05% of their portfolio Hunt Valley, MD 235,147235.1k $10.4m $10.4m 2.05% Added +28.2k +28,181
65 OGOREK ANTHONY JOSEPH /NY/ /ADV 3.15% of their portfolio WILLIAMSVILLE, NY 233,737233.7k $10.2m $10.2m 3.15% Reduced -50.0k -49,995
66 Kranot Hishtalmut Le Morim Tichoniim Havera Menahelet LTD 2.20% of their portfolio Tel Aviv, L3 229,190229.2k $10.0m $10.0m 2.20% Unchanged
67 Sage Capital Management, LLC 4.76% of their portfolio Stockton, NJ 226,772226.8k $9.9m $9.9m 4.76% Reduced -2.7k -2,700
68 Equitable Holdings, Inc. 0.08% of their portfolio NEW YORK, NY 222,668222.7k $9.7m $9.7m 0.08% Reduced -3.0k -2,970
69 BLAIR WILLIAM & CO/IL 0.03% of their portfolio CHICAGO, IL 219,440219.4k $9.6m $9.6m 0.03% Reduced -189.0k -189,000
70 MAI Capital Management 0.07% of their portfolio INDEPENDENCE, OH 217,577217.6k $9.5m $9.5m 0.07% Reduced -4.2k -4,245
71 Sanctuary Advisors, LLC 0.06% of their portfolio INDIANAPOLIS, IN 214,456214.5k $9.3m $9.3m 0.06% Added +3.8k +3,751
72 JMAC ENTERPRISES LLC 1.94% of their portfolio NEWTOWN, PA 208,101208.1k $9.1m $9.1m 1.94% Reduced -88.0k -88,045
73 Wealthcare Advisory Partners LLC 0.21% of their portfolio WEST CHESTER, PA 206,427206.4k $9.0m $9.0m 0.21% Added +77.0k +76,997
74 New England Private Wealth Advisors LLC 1.39% of their portfolio WELLESLEY, MA 206,204206.2k $9.5m $9.5m 1.39% Added +421 +421
75 ADAPT WEALTH ADVISORS, LLC 3.88% of their portfolio ATLANTA, GA 198,938198.9k $8.7m $8.7m 3.88% Added +5.3k +5,269
76 Systelligence, LLC 1.59% of their portfolio BLOOMINGTON, MN 197,483197.5k $8.6m $8.6m 1.59% Reduced -13.0k -12,994
77 National Philanthropic Trust 0.11% of their portfolio Jenkintown, PA 194,594194.6k $8.5m $8.5m 0.11% Reduced -19.0k -19,046
78 Symphony Financial Services, Inc. 4.93% of their portfolio AKRON, OH 189,348189.3k $8.3m $8.3m 4.93% Added +2.6k +2,581
79 Financial Partners Group, Inc 1.07% of their portfolio Overland Park, KS 178,144178.1k $7.8m $7.8m 1.07% Added +11.3k +11,338
80 Clarus Group, Inc. 2.85% of their portfolio HOUSTON, TX 177,878177.9k $7.8m $7.8m 2.85% Reduced -2.2k -2,151
81 EXCHANGE TRADED CONCEPTS, LLC 0.10% of their portfolio Oklahoma City, OK 177,682177.7k $7.7m $7.7m 0.10% New
82 Steward Partners Investment Advisory, LLC 0.06% of their portfolio STAMFORD, CT 164,852164.9k $7.2m $7.2m 0.06% Reduced -1.6k -1,592
83 5th Street Advisors, LLC 3.34% of their portfolio Southport, CT 154,515154.5k $6.7m $6.7m 3.34% Added +1.4k +1,361
84 Quadrant Private Wealth Management, LLC 1.39% of their portfolio Center Valley, PA 153,138153.1k $6.7m $6.7m 1.39% Reduced -7.2k -7,200
85 IHT Wealth Management, LLC 0.18% of their portfolio Chicago, IL 150,327150.3k $6.6m $6.6m 0.18% Reduced -521 -521
86 Investors Research Corp 1.24% of their portfolio ATLANTA, GA 145,576145.6k $6.3m $6.3m 1.24% Added +28.5k +28,466
87 AVANTAX ADVISORY SERVICES, INC. 0.03% of their portfolio DALLAS, TX 144,336144.3k $6.3m $6.3m 0.03% Added +8.0k +8,017
88 NTV Asset Management LLC 0.68% of their portfolio Charleston, WV 131,195131.2k $5.7m $5.7m 0.68% Added +320 +320
89 New Millennium Group LLC 3.05% of their portfolio SANDY, UT 126,397126.4k $5.5m $5.5m 3.05% Added +124.5k +124,455
90 Cascade Financial Partners, LLC 0.66% of their portfolio SAN DIEGO, CA 126,329126.3k $5.5m $5.5m 0.66% Added +8.0k +8,008
91 Merit Financial Group, LLC 0.06% of their portfolio ALPHARETTA, GA 125,394125.4k $5.5m $5.5m 0.06% Reduced -91.9k -91,858
92 CASTLE WEALTH MANAGEMENT LLC 1.99% of their portfolio BOYNTON BEACH, FL 125,120125.1k $5.5m $5.5m 1.99% Added +42 +42
93 Strive Asset Management, LLC 3.20% of their portfolio DALLAS, TX 121,996122.0k $5.3m $5.3m 3.20% Added +65.6k +65,641
94 Ameritas Investment Partners, Inc. 0.17% of their portfolio LINCOLN, NE 120,536120.5k $5.3m $5.3m 0.17% Added +4.3k +4,286
95 Fifth Third Securities, Inc. 0.39% of their portfolio Cincinnati, OH 119,912119.9k $5.2m $5.2m 0.39% Reduced -1.1k -1,150
96 JONES FINANCIAL COMPANIES LLLP 0.00% of their portfolio DES PERES, MO 118,959119.0k $5.2m $5.2m 0.00% Added +22.6k +22,562
97 FORTEM FINANCIAL GROUP, LLC 1.64% of their portfolio PALM DESERT, CA 116,930116.9k $5.1m $5.1m 1.64% Added +44.8k +44,787
98 RETIREMENT PLANNING GROUP, LLC / NY 4.42% of their portfolio MALTA, NY 115,076115.1k $5.0m $5.0m 4.42% Added +2.5k +2,465
99 WASHINGTON GROWTH STRATEGIES LLC 3.78% of their portfolio WASHINGTON, DC 113,451113.5k $4.9m $4.9m 3.78% Added +113.4k +113,413
100 MONTAG A & ASSOCIATES INC 0.24% of their portfolio ATLANTA, GA 112,238112.2k $4.9m $4.9m 0.24% Reduced -4.7k -4,736